CHENNAI: Floods in Chennai and parts of Andhra Pradesh last year, resulted in a Rs 14,602 crore loss to property and business, including those insured, for about Rs 5,005 crore. The insured, persons and property for which claims can be made, impacted by the floods are estimated to be the largest in India, according to Sigma Swiss Re report, a global insurance research firm.
The report, released on Wednesday, tabulated economic and insured losses of man-made and natural disasters across the world. “Asia was the heaviest hit,” said the report, which also pointed out that the $0.755 billion (Rs 5,005 crore) insured losses sustained in the Chennai floods was the third largest in Asia - after the Tianjin port explosions in China ($2.5 - 3.5 billion) and Typhoon Goni, which hit Japan, the Philippines and North Korea ($ 1.2 billion).
The immediate aftermath of the floods saw economic loss estimates ranging from between Rs 10,000 crore to Rs 25,000 crore. A major portion of the insured losses were in the automotive insurance sector.
“These floods are the second costliest insurance event in India on sigma records,” said the report, “The event highlighted the vulnerability of rapidly growing urban areas to flash floods caused by heavy rains.“
India’s total economic losses from all disasters, including natural and man-made events, exceeded $6.2 billion (Rs 41,151 crore) and accounted for 6.8% of worldwide losses in 2015, down from $13.4 billion (11.9% of global losses) in 2014. Total insured losses were $1 billion (Rs 6,637 crore), up from $971 million the year before.